“Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.”
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So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.
Robert C. Solomon 
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There has been talk in Europe about American hegemony being somehow based upon the use of the dollar in the world. I just don't see that connection at all.
Robert C. Solomon
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The dollar went up some eighty percent in real terms as I recall now or something like that - from '80 to '85.
Robert C. Solomon
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To the extent that the United States has, I don't like the word hegemony, the United States has influence around the world, I don't think that's based on to any significant degree on the fact that countries use the dollar as their major reserve.
Robert C. Solomon
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In the United States, securities markets are much more developed than they are in Europe.
Robert C. Solomon
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